DWAC shareholders extend voting deadline again in hopes to gain more support for Trump’s Truth Social SPAC merger
Jump to heading DWAC shareholders extend voting deadline again in hopes to gain more support for Trump’s Truth Social SPAC merger
The SPAC that agreed to take public Donald Trump's social media platform Truth Social created by Trump Media & Technology Group postponed its shareholder vote last Monday, October 10th until Nov. 3 after failing to secure a 12-month extension.
The extension required the approval of at least 65% of Digital World Acquisition Corp. (DWAC special purpose acquisition company) shareholders. The blank check company chose to extend the deadline in order to gather additional votes.
Having previously pushed the deadline for its shareholders to vote on the 12-month extension multiple times in the preceding months, Digital Word acquisitions company missed the mark again on Monday.
Over $1 billion in private investment in public equity (PIPE) financing is at risk for Trump Media & Technology Group (TMTG) through Digital World, which agreed to go public with the social media firm in October 2021.
Last September 2022, Digital World said that it had received termination warnings from PIPE investors who were withdrawing about $139 million of the overall funding commitment.
The transaction with TMTG has been halted due to civil and criminal investigations into the circumstances surrounding the transaction. The Securities and Exchange Commission (SEC) in the U.S. has not yet approved Digital World's acquisition disclosures.
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(ENDI Corp. and its affiliated Registered Investment Advisors do not own a position in DWAC as of October 12, 2022.)
Tags: blank-check companies; SPACs; merger; social media platforms; trader deals; IPO; Digital networks; Trump Tech.; stock market; tech investments; Trump media; Truth Social; special acquisitions; acquisitions companies; Donald Trump; PIPE; public equity financing; TMTG; Digital Word; DWAC; SEC; public investments
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